SKK Holdings Limited (SKK), the holding company of a Singapore civil engineering services provider, priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – today, Monday, Oct. 7, 2024. SKK Holdings Limited sold 2.5 million shares – the number of shares in the prospectus – at $4.00 each – to raise $10.0 million. At pricing, SKK Holdings had a market cap of $70.31 million. Shares of SKK Holdings Limited are expected to start trading Tuesday, Oct. 8, 2024, on the NASDAQ.
Of the IPO’s 2.5 million shares, the company offered 1.75 million shares and the selling shareholders offered 750,000 shares. SKK Holdings will not receive any of the proceeds from the sale of the selling shareholders’ stock.
Bancroft Capital, a financial services firm majority owned by disabled U.S. veterans, served as the sole book-runner of SKK Holdings’ IPO.
SKK Holdings said in the prospectus that it conducts its business through its wholly owned operating subsidiaries, which specialize in subsurface utility work in Singapore. SKK said that through its subsidiaries, the company has “participated in numerous public utility projects, including but not limited to power and telecommunication cable laying works, water pipeline works and sewer rehabilitation works.” The company was founded in 2013. The holding company is incorporated in the Cayman Islands.
“We are one of the five major contractors in Singapore for horizontal directional drilling, or HDD, works,” SKK Holdings Limited said in the prospectus.
The company is profitable.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions or anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.
